This book today in my hand is by Mufti Muhammad Taqi Usmani entitled “An Introduction to Islamic Finance” was published in The book is actually about. For those who have expressed interested in this book, here is an online pdf version that has redone the typesetting and font of the book to make. Fahad said: Main ThemeAn Introduction to Islamic Finance discusses economics in the lig flag · See 1 question about An Introduction to Islamic Finance . Mufti Muhammad Taqi Usmani is one of the leading Islamic scholars living today.
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An Introduction to Islamic Finance by Muhammad Taqi Usmani
These commands are not restricted to some modes of worship or so-called religious rituals. The philosophy is enshrined in the traditional Islamic concepts itroduction musharakah and mudarabah, along with their specialized modern variants murabahah, ijarah, salam, and istisna’. A new form or procedure in musharakah cannot be rejected merely because it has no precedent in the past.
Return to Book Page. Therefore the ignorance of their basic concept and relevant details may lead to confusing the Islamic financing with the conventional system based on interest. A layman can read and understand this book requiring unprejudiced approach.
There are numerous domains of human life where ‘reason’ is often confused with ‘desires’ and where unhealthy instincts, under the disguise of rational arguments, misguide humanity to wrong and destructive decisions.
Nabeel Beg rated it it was amazing May 04, Jehanzeb May 25, at 7: Liability of the Parties in Case of Loss to the Asset 5. Profit is generated when something having intrinsic utility is sold for money or when different currencies are exchanged, one for another. It is actually a great and helpful piece of information.
It is also easily understandable for those who do not belong to field of Islamic Finance. Some objection on Musharakah Financing. In the conventional financing system, loans may be advanced for any profitable purpose. To see what your friends thought of this book, please sign up. This gap between the supply of money and production of real assets creates or fuels inflation.
A gambling casino can borrow money from a bank to develop its gambling business. Therefore, all the human activities must always be subject to these commands and must work within the limits prescribed by them.
An Introduction to Islamic Finance
Present Practices of Islamic Banks It is sometimes argued against the Islamic financial system that the Islamic banks and financial institutions, working since last three decades, did not bring any visible change in the economic set-up, not even in the field of financing.
This guide to Islamic finance ksmani delineates the all-important distinctions between Ifnance practices and conventional procedures based on interest. The profit so earned is distributed between them at an agreed ratio.
Islam, on the other hand, does not recognize money as a subject-matter of trade, except in some special cases. Unhealthy human instincts are exploited to make money through immoral and injurious products. The FOREWORD principle is that the person extending money to another person must decide whether he wishes to help the opposite introdduction or he wants to share his profits.
I constantly emailed this blog post page to all my friends, as if like to read it then my contacts will too. For those who just started, you might want to start with this. Trivia About An Introduction t Since financing in an Islamic system is backed tzqi assets, it is always matched with corresponding goods and services.
In this manner ‘capital’ has an intrinsic element of ‘entrepreneurship’, so far as the risk of the business is concerned. Want to Read saving…. However, if he wants to have a share in the profits of his debtor, it is necessary that he should also share him in his losses. Thanks for your comment.
Mufti Muhammad Taqi Usmani is one of the leading Islamic scholars living today. Islamic finance also focuses on circulating money and usmabi does not make few people richer who already have money.
An Introduction to Islamic Finance – Mufti Taqi Usmani
Thanks for fantastic info I used to be searching for this information for my mission. Every person who contributes capital in the form of money to a commercial enterprise assumes the risk of loss and therefore is entitled to a proportionate share in the actual profit. Syazana rated it really liked it Apr 19, The profit earned through dealing in money of the same currency or the papers representing them is interest, hence prohibited. He has discussed some preliminary points for Islamic banking at the beginning of the book.